January 27, 2020
NY Reg 187 for Life Business Effective Feb 1: Training Required
Here's what you need to get ready...
The New York Department of Financial Services (NY DFS) released the final version of best-interest Regulation 187. The final regulation, now called “Suitability and Best Interest in Life Insurance and Annuity Transactions”, will require producers and insurers to implement a process ensuring they’re acting in the consumer’s best interest when recommending an annuity or life insurance policy issued in New York.
The new regulation takes effect on:
- August 1, 2019 for annuity contracts
- February 1, 2020 for life insurance policies
NEW for Life
Life Training Requirements
REQUIRED: NY State Training for Life Business is available through RegEd
- Visit RegEd at: https://secure.reged.com/TrainingPlatform/
- Available courses:
- 484_NY (5hr. course applies towards CE and satisfies both Life and Annuity requirement)
- 485_NY (1 hr. course does not apply towards CE and satisfies both Life and Annuity requirement)
- 484_NY_ L (Life Only – 2 hr. course applies towards CE)
- Available courses:
- Agents can choose which course to take
- Any of the above courses satisfy the state requirement for Life
REQUIRED: National Life Group Life Product Training
- Available on the Agent Portal
- Go to www.nationallife.com and log into your account.
- Go to the Training/Product icon
- Under Product click on Life
- Click on the Products Training icon
- Please click on and read each training
- Don’t forget to check the box indicating you have read all the materials and click Submit.
- Under Product click on Life
- Go to the Training/Product icon
- Go to www.nationallife.com and log into your account.
If you have questions regarding product training email contracting@nationallife.com.
REGISTER HERE for additional Illustration Training
Recorded training
Term Basic Illustration Training
IUL Illustration Training
TotalSecure Illustration Training
New and updated life application forms
- New York Suitability Disclosure Checklist (form 20660)
- Disclosure Form – Full Time Agents (form 20659)
- Confidential Financial Questionnaire (form 1392)
A paper version must be submitted until that time.